X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-The JBG Cos., a 46-year-old, DC-based real estate investment and development firm, obtained a $242-million refinancing package for L’Enfant Plaza which comprises 890,648 sf of office and retail, a 1,600-stall parking garage and a 370-room, full-service hotel. The property is in the southwest quadrant of the city, near the National Mall.

The two-tranche structure of the deal includes a five-year, $172.5-million fixed-rate loan and a $69.5-million floating rate loan on the developer’s five-asset portfolio.

JBG managing director James Iker says his firm reviewed presentations from several lenders but chose the Washington, DC office of GE Real Estate because of GE’s understanding of the financial complexities involved with the property. “For this deal, we required a sophisticated lender that understood the capital requirements of repositioning a large, mixed-use portfolio,” Iker says. “GE Real Estate was able to work through the many subtleties associated with L’Enfant Plaza to successfully complete a very complicated transaction.”

Ed Coco, senior managing director GE Real Estate’s North American lending division, calls the transaction “a great opportunity for GE to use our balance sheet on a very complicated structured finance transaction, while partnering with an established local developer that owns an exceptional history of success in this very competitive market.”

Andy McLay, a senior director in GE’s North American lending division, says the transaction was “a game-changer” for GE Real Estate’s DC office. “Our ability to balance sheet a $242-million mixed-use property demonstrates our flexibility and our willingness to handle complex structures on large transactions and our desire to be a top lender in the market.”

Bob Donhauser, senior managing director with Holliday Fenoglio Fowler, brokered the transaction. “GE’s ability to handle the complicated structure and varied asset types such as hotel, office and retail on this transaction gave them the competitive edge to be chosen as lender for L’Enfant Plaza,” Donhauser says. “This, combined with their ability to balance sheet the entire $242-million loan, gave them a competitive advantage in the market place.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.